Do High Earners Get Social Security?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Do High Earners Get Social Security?

Many high earners wonder whether they will receive Social Security benefits and how their contributions over the years will affect their retirement income. Understanding the details of Social Security is important for high earners to make the most of their retirement planning; this guide covers that.


High earners are indeed eligible for Social Security benefits. Your benefits are based on your earnings record, specifically the 35 highest-earning years of your career. If you have fewer than 35 years of earnings, zeros are averaged in, which could reduce your benefit amount.

Calculation of Benefits

Social Security benefits are calculated using a formula that applies to your Average Indexed Monthly Earnings (AIME). Despite contributing more to Social Security due to higher earnings, there is a cap on the maximum benefit you can receive. For 2024, the maximum monthly benefit at full retirement age is $4,873.

Maximum Benefit

The Social Security Administration sets a maximum monthly benefit that one can receive at full retirement age. For 2024, this amount is $4,873. This cap means that even if you earn significantly more than the average worker, your Social Security benefits will be capped at this maximum amount.

Taxation of Benefits

High earners might also need to pay taxes on their Social Security benefits. Depending on your total income, up to 85% of your Social Security benefits may be taxable. The IRS considers your combined income, which includes your adjusted gross income, nontaxable interest, and half of your Social Security benefits.

Taxable Income Thresholds

  • Individual filers: If your combined income is between $25,000 and $34,000, up to 50% of your benefits may be taxable. If it’s more than $34,000, up to 85% may be taxable.
  • Joint filers: If your combined income is between $32,000 and $44,000, up to 50% of your benefits may be taxable. If it’s more than $44,000, up to 85% may be taxable.

How We Can Help

At The Annuity Expert, we understand that your retirement planning needs are unique and complex as a high earner. We’ve been an insurance agency, annuity broker, and retirement planner for 15 years, specializing in finding the best solutions at the lowest costs. We know that navigating Social Security can be daunting, especially with the potential caps on benefits and tax implications.

The Core Problem

High earners’ main problem is maximizing their Social Security benefits within the constraints of IRS rules and benefit caps. This issue can lead to concerns about whether their retirement income will be sufficient to maintain their lifestyle.

Understanding Your Concerns

We understand the frustration of contributing significantly to Social Security only to face benefit caps. The fear of not maximizing your retirement income and the complexity of tax implications can be overwhelming. We are here to simplify this process and help you make informed decisions to ensure a secure and comfortable retirement.

What We Recommend

Step 1: Comprehensive Consultation

  • What Happens: Contact us for a personalized consultation. We’ll review your financial situation, earnings record, and retirement goals.
  • Main Benefit: Get clarity on your Social Security benefits and how they fit into your retirement strategy.

Step 2: Customized Retirement Plan

  • What Happens: We create a tailored retirement plan, considering Social Security benefits, other retirement accounts, and investment vehicles.
  • Main Benefit: Receive a comprehensive strategy that maximizes your retirement income and minimizes tax liabilities.

Step 3: Ongoing Support and Optimization

  • What Happens: We provide ongoing support to adjust your plan as needed and keep you informed about changes in Social Security regulations.
  • Main Benefit: Enjoy peace of mind knowing your retirement plan is optimized for maximum benefits and adaptability.

Features and Benefits

  • Personalized Advice: Tailored strategies that fit your unique financial situation.
  • Expert Knowledge: Over 15 years of experience in retirement planning.
  • Comprehensive Planning: Integration of Social Security with other retirement income sources.
  • Tax Optimization: Strategies to minimize tax liabilities on your benefits.
  • Ongoing Support: Continuous updates and adjustments to your retirement plan.

Common Objections and Solutions

  • Complexity: “I don’t understand Social Security rules.”
    Solution: We simplify the process and provide clear, actionable advice.
  • Cost: “Is the consultation expensive?”
    Solution: Our initial consultation is free, and we offer competitive pricing for our services.
  • Trust: “How do I know I can trust your advice?”
    Solution: We have a proven track record of 15 years of expertise and numerous satisfied clients.

The Consequences of Inaction

Failing to optimize your Social Security benefits and retirement plan can result in reduced retirement income, higher taxes, and financial insecurity. Conversely, working with us ensures you maximize your benefits, minimize taxes, and achieve a secure, comfortable retirement.

Contact us for free advice or a quote today. Let The Annuity Expert help you secure your financial future.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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